Nifty futures opened at 5889.70 on Friday and did break below the critical for Friday of 5887.30 and turned negative. The level on upside is 5936.50 which needs to be sustained for any signs of recovery. Below Friday's low of 5858.65 we have our second monthly support of 5838.25. This is the level to watch for any signs of significant recovery if it happens. The pressure level will be 5936.50 . The Jan 2013 open was at 5932.50 and low for the series was at 5930. This important level was broken in Feb 2013 series,which puts the trend in jeopardy. On charts the red line is critical as it was earlier resistance and now acting as support. Below 5838.30 we have levels of 5743.25 as our third monthly support. Intermediate level to watch in between these two would be 5790.75. For Monday again 5887 level will be critical and below it we may continue on the downside. Intraday Traders can watch the levels(same as on Friday) on spot nifty given below to trade on Monday.
Spot Nifty Levels for Trading on Monday :
No trade between 5865 and 5904(To avoid whipsaws)
Buy above 5904 sl of 5884
targets 5923-5942(add positions, breakout on the upside),
5961-5980-5999-6018-6037-6056.
Sell below 5865 sl of 5885
targets 5846-5827(add positions,breakout on the downside)
5808-5789-5770-5751-5732.
Happy Trading !!!
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